Future of accounting standards regulation tops agenda in Riga

The future of international accounting standards (IAS) regulations across the EU28 member states and progress in achieving higher standards of governance at the European Financial Reporting Advisory Group (EFRAG) will be up for debate at a conference in Latvia next week, convened by the Latvian presidency of the Council of the EU, which will evaluate the application of IAS across the EU28 member states

The meeting is scheduled for 25 June in Riga, Latvia, and will bring together 140 accounting experts from EU Member States and international standard-setters to evaluate IAS regulations, review the effectiveness of the Maystadt reforms of EFRAG and debate the viability of achieving global accounting standards, as opposed to the current fragmented approach.

The main focus of the conference is to review the evaluation report of the European Commission (EC) on the application of the IAS Regulation.

More than 10 years after adoption of the Regulation [1606/2002] on the application of international accounting standards, the EC has completed a wide ranging evaluation of the impact of the rules on accounting practice.

The EC evaluation report will be presented for the first time at the international conference in Riga.

Key topics on the agenda will include the evaluation of the Regulation on the application of international accounting standards, implementation of the recommendations of Philippe Maystadt, EU special adviser, on reforms of the European Financial Reporting Advisory Group (EFRAG), and the future development of global quality standards.

Leading global standard setters are set to address the conference, including Michel Prada, chairman of the IFRS Foundation; Russ Golden, chairman of the US Financial Accounting Standards Board (FASB) and Yukio Ono, chairman of the Accounting Standards Board of Japan.

The conference will give delegates the opportunity to grill European accounting policy-makers, national standard setters, the World Bank, academics and industry representatives on the effectiveness of the IAS regulations.

The EC evaluation report is available here

Further information on the conference programme is available here

The conference is free to attend. Register by emailing ilze.palmbaha@fm.gov.lv

The Maystadt report is available here

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